"Succession" seems to be such an old concept – one that invoke kings, not necessarily entrepreneurs.
When it comes to business, however, succession is perhaps the most fundamental concept and object of planning. "In every end is the beginning." No truer words could be written when it comes to planning the successful succession of a small business.
If business succession is on your mind then you will want to read a recent Forbes article titled "How to Succeed At Succession." Before you read the original article, remember this – the questions are as important (if not more so) than the answers.
So, what kinds of questions should you be asking yourself? Here are a few to ponder: Do you want the business to live on past you? Who ought to lead it? What is the business in the context of your own estate or the estates of your partners? Do you have an exit strategy in the event of retirement, disability or death?
In the end, make sure you consult appropriate legal counsel. This area of planning is not a do-it-yourself project.
Reference: Forbes (January 15, 2013) "How to Succeed At Succession"